Research

At B. Riley, our research process is an interactive one where we perform extensive due diligence on companies until the analyst develops the knowledge base and understanding of the company and the industry to make a recommendation. Our analysts continuously monitor industry developments and communicate with the management, competitors, suppliers and customers of the companies we follow, regularly communicating our findings through Research Updates and daily Morning Notes.

While we do not necessarily publish research on all of the companies we review, the knowledge base and understanding of many of our monitored companies parallels that of our covered companies. We actively cover over 100 companies and monitor an additional 100. Our analysts cover small to mid-cap companies that are under-followed or misunderstood by Wall Street. We believe that the pricing of small cap equities is frequently inefficient, and therefore provides the greatest potential rewards to diligent security analysis.

This Week's Research

  • 02/11/16 Update MAMS ($5.98, Neutral; $7.50 PT): Earnings Preview: Expect Q2 ’16 Results In Line With Our Estimates; Adjusting Model to Reflect Recently Completed…
  • 02/11/16 Morning Note B. Riley AM Note: BLKB, CSOD, GCO, MXIM, RLD, SKX, SONS, VSAT; The Weiser Consumer (CLX, COTY, EL. PBH, RDEN, SBH)
  • 02/11/16 Update SONS ($5.28, Buy; $12.25 PT): Earnings Preview: Expect 4Q/1Q Results/Outlook to be In Line; Growth Products Back in the Growth Mode; Reiterate Buy
  • 02/11/16 Update BLKB ($53.25, Buy; $77.00 PT): Reports Q4 ‘15 Results; Guides Pro Forma EPS and Cash Flow Expectations Higher; Increasing Price Target from $75.00…
  • 02/11/16 Update CSOD ($24.38, Buy; $36.00 PT): Reports Q4 ‘15 Results; Guidance for FY ’16 Mixed; Reducing Price Target from $40.00 to $36.00; Reiterate Buy Rating
  • 02/11/16 Update SKX ($27.17, Buy; $40.00 PT): Earnings Review: Q4 top line beat/pro forma EPS in line (unexpected effective tax rate increase); sales up 27%; strong…
  • 02/10/16 Initiation of Coverage GCO ($63.54, Neutral; $70.00 PT): Initiating coverage with a Neutral rating: GCO sets up to be a margin recovery story on cleaner Lids inventory,…
  • 02/10/16 Update The Weiser Consumer: Weekly Highlights (CLX, COTY, EL. PBH, RDEN, SBH)
  • 02/10/16 Update Industry Update: Mitch’s Boardsport Report—January 2016 (DECK, NKE, VFC)
  • 02/10/16 Update AKAM ($46.20, Buy; $60.00 PT): Media Risk Captured, Disciplined Spending Driving FCF and Large Buyback and Insider Purchase; Upgrading to Buy with…
  • 02/10/16 Update BHE ($21.27, Buy; $28.00 PT): Raising Estimates and PT to $28; Slow and Steady Wins the Race; Reiterate Buy
  • 02/10/16 Update RNWK ($3.25, Buy; $7.50 PT): Upside Q4 Results; Mixed Q1 Guidance Demonstrates Transition Remains Ongoing, But Value Remains with EBITDA Progress,…
  • 02/10/16 Update RGC ($18.07, Buy; $21.00 PT): Reports Upside Q4 EBITDA; Underlying Attendee Monetization and Margin Strength Bolsters Conviction Heading Through 2016…
  • 02/10/16 Update MPAA ($31.75, Buy; $41.00 PT): Solid FQ3 Beat; Estimates Come Down As MPAA Invests For Growth; Reiterate Buy
  • 02/10/16 Update LLNW ($1.06, Buy; $4.30 PT): Breakeven EPS and FCF Generation Highlight the Leverage; Solid Value at 0.2x Revenue and 2.3x AEBITDA
  • 02/10/16 Update MTSN ($3.44, Neutral; $3.80 PT): Strong Results But Weaker Outlook Ahead Of E-Town Dragon Deal; Retain Neutral
  • 02/10/16 Update Industry Update: Mitch’s Shoe Review—January 2016 (COLM, DECK, RCKY, VFC, WWW)
  • 02/10/16 Initiation of Coverage KIRK ($12.21, Buy; $19.00 PT): New systems; new store contribution; e-comm accelerating; differentiated merch. mix; top and bottom line growth, traffic/promotional…
  • 02/10/16 Update AMRK ($16.95, Neutral; $16.75 PT): Fiscal Q2 ’16 Results Beat Our Estimates; Stronger than Expected Volumes Driven by Industrial Customers; Raising…
  • 02/10/16 Update Industry Update: Semi. Cap. Equipment - Revisiting Transformative CSCD+FORM Deal, Accretion Seems Under-Appreciated
  • 02/10/16 Update APPS ($1.28, Buy; $2.40 PT): Mixed Q but Underlying Trends are Strengthening; Inflection Point in FY1Q17
  • 02/10/16 Morning Note B. Riley AM Note: ACW, AKAM, AMRK, APPS, BHE, BLKB, CALD, ELNK, EVOL, KIRK, LLNW, MPAA, MTSN, MXIM, RGC, RNWK, SKX, TXN, UTEK, VSAT; Boardsports (DECK,…
  • 02/10/16 Update VSAT ($56.90, Buy; $89.00 PT): JV with Eutelsat Provides Running Start to VS-3 EMEA Service as ViaSat Builds “Over 1 Tbps” Global Network Tripling…
  • 02/10/16 Update CALD ($13.20, Buy; $22.00 PT): Reports Strong Q4 ‘15 Results; Reiterate Buy Rating and $22.00 Price Target
  • 02/09/16 Update TXN ($50.30, Neutral; $55.00 PT): Capital Mgt Call Fine Tunes Framework Targets But Leaves Dividend Unchanged
  • 02/09/16 Update SKX ($26.78, Buy; $40.00 PT): Earnings Preview: aligning sell-in/sell-through is a process; underlying domestic business appears positive; believe…
  • 02/09/16 Update ELNK ($5.37, Buy; $10.00 PT): Earnings Preview: Q4 to Cap Year of Operational Outperformance; Some Trepidation ahead of Initial 2016 Guidance
  • 02/09/16 Update GIG ($3.01, Buy; $3.90 PT): 4Q/1Q Results/Outlook Consistent with Preannouncement; Strong Tailwind into 2016; Raising EPS Estimates Slightly while…
  • 02/09/16 Update COLM ($49.18, Neutral; $47.00 PT): We’re expecting COLM to provide disappointing FY2016 guidance, but our estimates remain unchanged, based on adjustments…
  • 02/09/16 Update YELP ($16.01, Neutral; $15.00 PT): Heavy Advertising Spend Taking a Toll; LAA Adds and Traffic Still Concerning; Upgrading from Sell to Neutral as…
  • 02/09/16 Update RCKY ($10.57, Neutral; $12.00 PT): We’re expecting RCKY to report weak 4Q15 results, but our estimates remain unchanged, based on adjustments made…
  • 02/09/16 Update CLX ($127.04, Neutral; $102.00 PT): Raising EPS Estimates by $0.05 and PT from $101 to $102; Stock Is Pricey, Given That We Are Likely Past Peak Gross…
  • 02/09/16 Update TYPE ($23.28, Buy; $32.50 PT): Q4 ’15 Earnings Preview; Adjusting GAAP Estimates to Reflect Acceleration of Swyft Media Earnout; Reiterate Buy Rating…
  • 02/09/16 Morning Note B. Riley AM Note: AVP, CLX, COLM, GIG, GUID, JCP, MWW, ON, RCKY, TYPE, YELP
  • 02/09/16 Update GUID ($3.49, Buy; $8.00 PT): Q4 ’15 Earnings Preview; Shares Trading at Just 2x Maintenance; Reiterate Buy Rating and $8.00 Price Target
  • 02/08/16 Update MWW ($4.22, Buy; $9.00 PT): Expect In Line Results and Reaffirmation of Guidance; Investor Focus to be on Careers - North America’s Top Line
  • 02/08/16 Update ON ($7.43, Buy; $13.00 PT): Conference Call Takeaways Unlikely To Change NT Estimates; PT From $15.0 To $13.0
  • 02/08/16 Update LIOX ($4.38, Buy; $6.75 PT): Q4 ’15 Earnings Preview; Reiterate Buy Rating and $6.75 Price Target
  • 02/08/16 Update FARM ($24.47, Buy; $33.75 PT): Mixed FY Q2 ’16 Results Deliver Adjusted EPS Beat; Revenues Miss, but Coffee Volume Surprises; Executes Q2 Operational…
  • 02/08/16 Update MRVL ($8.96, Buy; $12.00 PT): Activist Stake Improves Chances For Normalized EPS ; PT To $12.0, Upgrade From Sell To Buy
  • 02/08/16 Update CSOD ($27.46, Buy; $40.00 PT): Q4 ’15 Earnings Preview; Reiterate Buy Rating and $40.00 Price Target
  • 02/08/16 Update Industry Update: Semi Cap Equipment Week #5 Results Preview - Sector Consolidation And Global Growth Fears Pick Up Into Results For MTSN, CAMT, And…
  • 02/08/16 Update RDEN ($5.95, Neutral; $5.00 PT): Turnaround Stalls Out With F1H16 EBITDA -7% YoY; Cutting FY17E EBITDA by 36% and Price Target from $11 to $5; Stock…
  • 02/08/16 Update LGF ($18.53, Buy; $32.00 PT): Q3 Results Miss Expectations; Stock Punished on Lowered Guide; We See Value in Improving TV Visibility and Underlying…
  • 02/08/16 Update SBH ($30.28, Neutral; $31.00 PT): Raising EPS Estimates by $0.07 and Price Target from $29 to $31
  • 02/08/16 Morning Note B. Riley AM Note: AEO, AMRK, CSOD, EL, FARM, LGF, LIOX, MRVL, ON, RDEN, SBH, SPA; Internet (AKAM, APPS, BCOV, GRPN, LLNW, P, WEB, YELP), Semi. Cap.…
  • 02/08/16 Update SPA ($14.93, Neutral; $17.00 PT): Cleaning House But Turning the Ship Will Take Some Time; Maintain Neutral
  • 02/08/16 Update ON ($8.05, Buy; $15.00 PT): Mixed Print, Modestly Lower Outlook; New Initiatives Should Boost GM; Retain Buy
  • 02/08/16 Update EL ($90.99, Neutral; $86.00 PT): Lowering EPS Estimates by $0.05; Maintaining $86 Price Target
  • 02/08/16 Update AMRK ($17.26, Neutral; $16.75 PT): Downgrading from Buy to Neutral on Valuation; Fiscal Q2 ’16 Earnings Preview: Lowering Revenues, Unchanged Earnings…
  • 02/05/16 Update Industry Update: Internet - Earnings Preview for Week of February 8, 2016
  • 02/05/16 Update BLKB ($59.73, Buy; $75.00 PT): Q4 ’15 Earnings Preview; Reiterate Buy Rating and $75.00 Price Target
  • 02/05/16 Update HZO ($17.07, Buy; $25.00 PT): Reports Large FQ1 Beat as Recovery Strengthens and HZO Continues Share Gains Raising PT to $25, Reiterate Buy
  • 02/05/16 Update MFLX ($16.43, Neutral; $23.00 PT): Raising Estimates and Price Target to $23; Maintain Neutral
  • 02/05/16 Update UTEK ($18.87, Neutral; $18.00 PT): 4Q15 Misses On Product Slip; C16 Outlook Starts Soft, But Gains 2H Strength; PT Is $18.0
  • 02/05/16 Update VVI ($27.73, Buy; $38.25 PT): Reports Q4 Results; FY ’16 Guidance Solid But Below our Estimate
  • 02/05/16 Update COTY ($28.36, Sell; $20.00 PT): Lowering Price Target from $21 to $20
  • 02/05/16 Update OUTR ($27.25, Buy; $42.00 PT): Reports Q4 Results; Weak 2016 Guide Shows Tough Industry Headwinds; Remain Positive on FCF Generation; PT Lowered to…
  • 02/05/16 Update CALD ($15.72, Buy; $22.00 PT): Q4 ’15 Earnings Preview; Reiterate Buy Rating and $22.00 Price Target
  • 02/05/16 Update FORM ($6.86, Buy; $10.50 PT): Announces Transformative And Highly Accretive CSCD Deal; FORM PT Remains $10.5
  • 02/05/16 Update DECK ($48.78, Neutral; $48.00 PT): 3Q16 sales and EPS both fell short of guidance, mostly due to UGG weakness on warm weather; DECK is also slashing…
  • 02/05/16 Update EMKR ($5.92, Buy; $9.00 PT): Mixed F1Q/F2Q Results/Outlook; GPON Price Adjustments Worse Than Expected; Lowering Estimates and PT from $9.25 to $9.00;…
  • 02/05/16 Update VSAT ($59.51, Buy; $89.00 PT): Earnings Preview: Launching ViaSat-2, Embarking on ViaSat-3 Constellation Build in 2016
  • 02/05/16 Update B. Riley & Co. February Focus List: BV, CHKE, FLWS, IMAX, ISIL, KTOS, LITE, MWW, RUBI, TNAV
  • 02/05/16 Update CSCD ($20.21, Neutral; $21.00 PT): Agrees To $21.13 FORM Acquisition, Creating Industry Probe Card Giant; PT To $21.0
  • 02/05/16 Update LITE ($22.20, Buy; $31.50 PT): Delivers Solid F2Q Results and Strong F3Q Outlook; Raising EPS Estimates and PT from $28.00 to $31.50; Adding to Focus…
  • 02/05/16 Update PBH ($49.25, Buy; $63.00 PT): A Solid Upside Surprise, With Organic Sales Growth Acceleration—Mgt. Clearly Articulates a 4%-5% Growth Target for…
  • 02/05/16 Update KE ($9.58, Buy; $16.00 PT): No Change to Estimates, Target Price, or Thesis; Improving Fundamentals Hidden by FX; Reiterate Buy and $16.00 PT
  • 02/04/16 Morning Note B. Riley AM Note: BLKB, CALD, COTY, CSCD, DECK, EMKR, FORM, HZO, KE, LGF, LITE, MFLX, OUTR, PBH, UTEK, VSAT, VVI